Valuation Announcement

16 Aug 2007 07:00

Off-Plan Fund Limited (The)16 August 2007 For Immediate Release 16 August 2007 The Off-plan Fund Limited Valuation Announcement The Board of The Off-plan Fund Limited (the "Fund"), which specialises inproviding forward finance to UK housebuilders, is pleased to announce the Fund'squarterly valuation for the period ending 30 June 2007. •Using Red Book* valuations for the underlying properties, the estimated net asset value of the Fund was £11.1m (99.4p per share) (99.3p as at 31 March) •The net asset value of the Fund prepared under historical cost convention as at that date was £9.52m (85.3p per share) (84.6p as at 31 March) * The nature of the Fund's investments mean that, under current accountingstandards, the discounts to market value achieved by the Fund, cannot berecognised in the reported balance sheet. The Fund therefore obtains anindependent 'Red Book' valuation of the assets within the property portfolio inorder that shareholders can identify this additional value. The Red Book is theAsset Valuation Practice and Guidance Notes of the Royal Institution ofChartered Surveyors and is the industry standard method for valuing investmentproperties. The valuations were prepared by independent surveyors as at 31 March2007, the date of the last interim financial statements List of Contacts Development Capital Management Roger Hornett Andy Gardiner 020 7399 4270 Numis Securities Bruce Garrow Charles Farquhar 020 7776 1500 Buchanan Communications Charles Ryland Isabel Podda 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange